I would replace, not rebuild, no question. The key is to find the OEM quality replacement parts. I was bleeding the brakes on my TR4A this summer. All going according to plan except when I tightened down the bleeder on the rear wheel cylinder (original Gerling from 1966). It started leaking from a hairline crack in the body of the wheel cylinder. I suspect a prior mechanic over-tightened the bleeder screw.
So, after removing the wheel cylinder for inspection, I further tightened down the bleeder and the whole side of the wheel cylinder tore off. Inside the crack it showed evidence of not being a fresh crack. I suspect it had been there for years.
I checked out two options for replacement. 1) one of the big three for something made in India or China. Or 2) , believe it or not, my local NAPA store. I must admit, NAPA always carries very high quality parts. Anyway, NAPA was able to determine a Raybestos part number and source two of them (decided to do both sides). When the parts arrived, they were actually stamped with "Gerling" and the exact same part number as was on the originals I removed.
Yes, they were about twice the price (~$65 each) but, I was very satisfied with the quality and would absolutely do it again.
If anyone needs the Raybestos number, I am sure I can look it up at home.
Bob